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Blogs

Is Financial Reform Transforming Europe?

13 Sep 2010

Shane Fitzgerald

Are politicians about to embark on a “quantum leap” that will “fundamentally change Europe?” Hans-Jürgen Schlamp of Speigel Online thinks so:

The new enthusiasm for European solutions arises from sheer fear. "We have seen the abyss, and it has changed us," says Austrian Finance Minister Pröll. He says that no head of government or finance minister can forget the weekend of May 7-9 this year. Greece stood at the brink of bankruptcy and other countries were starting to teeter. A bankruptcy would have dragged down other countries and possibly torn apart the monetary union. Hundreds of billions of euros had to be scraped together overnight to prevent a continental meltdown. "During these hours," says Pröll, "a new European community was born."

It's a short article with interesting quotes throughout.

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